5 Things that will ruin your closing
When I meet with both sellers and buyers I usually mention the things that can go wrong with a closing. Different things can affect each party involved with the transaction. With that in mind I thought I would draw up a list of 5 Things that will ruin your closing.
5 Things that will ruin your closing – From the Buyer’s perspective
1. Seller will not allow inspectors inside home in a timely manner.
2. Seller did not own 100% of property as previously disclosed.
3. Seller does not disclose all hidden or unknown defects and they are subsequently discovered.
4. Final inspection on new home does not pass.
5. Seller does not appear for closing and won’t sign papers.
5 Things that will ruin your closing – From the Sellers perspective
1. Buyer loses job and can’t complete.
2. Buyer experiences an illness, injury, divorce or other financial setback.
3. Interest rate increases and buyer no longer qualifies.
4. Buyer does not budget for closing costs and down payment.
5. Buyer submits incorrect information to the lender.
The above lists represent just a few things that can go wrong at closing. Buying or selling a home can be like many other things in life – uncertain.
I have my very own, closing horror story. When we moved to Nanaimo from the lower Mainland we had our deal collapse after the truck pulled out of our driveway with all of our possessions. Ten minutes after I waved the truck off I got a call from our Realtor telling me that the buyer did not have the funds to complete. To make a long, stressful story shorter; we had to resell an empty home. Our Realtor was a genius. He called up all of the Realtors that had shown the house and managed to find another buyer within two weeks.
The moral of this post is to be prepared! There are a number of things that can go sideways with a transaction. However, it has been my experience that most transactions do go smoothly. For additional information on buying or selling a home please call me.